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REAL OPTIONS THEORY IN STRATEGIC MANAGEMENT

机译:战略管理中的实物期权理论

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Research summary: This article provides a review of real options theory (ROT) in strategic management research. We review the fundamentals of ROT and provide a taxonomy of this research. By synthesizing and critiquing research on real options, we identify a number of important challenges as well as opportunities for ROT if it is to enhance its impact on strategic management and potentially develop into a theoretical pillar in the field. We examine how ROT can inform the key tensions that managers face between commitment versus flexibility as well as between competition versus cooperation, and we show how it can uniquely address the fundamental issues in strategy. We conclude with suggestions on future research directions that could enhance and unify the thus-far distinct main approaches to real options research. Managerial summary: Real options theory (ROT) applies the heuristics and valuation models originally designed for financial securities to the domain of corporate investment decisions (e. g., joint ventures [ JVs], foreign direct investment, research and development [ R& D], etc.) and strategic decision making under uncertainty. This article provides a synthesis of this body of research in strategic management and related disciplines. We suggest how ROT can address fundamental issues of strategy, including the dilemmas managers face between commitment versus flexibility as well as between competition versus cooperation. We discuss how three distinct approaches to real options analysis can complement each other, and we identify some of the main challenges and opportunities for ROT to become a theoretical pillar in strategy. Copyright c 2016 John Wiley & Sons, Ltd.
机译:研究摘要:本文概述了战略管理研究中的实物期权理论(ROT)。我们回顾了ROT的基本原理,并提供了这项研究的分类法。通过对实物期权的研究进行综合和批判,我们确定了ROT的许多重要挑战和机遇,以提高其对战略管理的影响并有可能发展成为该领域的理论支柱。我们研究了ROT如何解决管理者在承诺与灵活性之间以及竞争与合作之间所面临的主要压力,并展示了它如何独特地解决战略中的基本问题。最后,我们提出了有关未来研究方向的建议,这些建议可以增强和统一迄今截然不同的实物期权研究的主要方法。管理摘要:实物期权理论(ROT)将最初为金融证券设计的试探法和估值模型应用于公司投资决策领域(例如,合资企业[JVs],外国直接投资,研发[R&D]等)。 )和不确定性下的战略决策。本文提供了战略管理和相关学科领域的研究综述。我们建议ROT如何解决战略的基本问题,包括管理者在承诺与灵活性之间以及竞争与合作之间所面临的困境。我们讨论了三种不同的实物期权分析方法如何相互补充,并且确定了ROT成为战略理论支柱的一些主要挑战和机遇。版权所有c 2016 John Wiley&Sons,Ltd.

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